Buying a business after retirement might sound unusual to some, but it can be a smart move. Let me tell you why I decided to purchase Rockstar Finance, a site that curates top personal finance articles, after I retired.
First off, retirement doesn’t mean stopping all work; it’s about having the freedom to choose what you want to do. For many, the traditional view of retirement as a period only for leisure is outdated. People are living healthier and longer lives, often staying active well into their older years. For early retirees like myself, there’s even more time and energy to pursue both recreational and work-related interests without the obligation of a regular job.
Here are the main reasons why I bought a business after retiring:
1. To Stay Engaged and Challenged: Retirement can be more mentally stimulating if you keep engaging in challenging activities. I found myself needing something worthwhile to fill my time. Running a business keeps my mind sharp and prevents the cognitive decline that can happen when you’re not mentally active.
2. To Invest Wisely: I was looking for a way to invest my savings that would offer better returns than the paltry rates from high-yield accounts. Buying Rockstar Finance was an opportunity to turn stagnant cash into a profitable venture.
3. To Contribute to the Community: Having been a part of the personal finance blogging community since 2005, I’ve always had a passion for helping fellow bloggers. Rockstar Finance has allowed me to support new bloggers and help them succeed faster.
4. To Prepare for the Future: The website can be a potential asset for my children. It’s something they might choose to run in the future, providing them with financial stability and the flexibility to work from anywhere.
5. Because I Can: With no major financial risks involved, purchasing the business felt like a no-brainer. It wouldn’t affect my lifestyle even if it didn’t succeed, and it offered a chance to significantly boost my income if it did.
6. To Give Back More: Owning Rockstar Finance has increased my ability to contribute to charity, a core part of the site’s mission and something that’s become more important to me as I’ve grown older.
In short, buying a business post-retirement has not only helped keep me mentally active and financially secure but has also provided a meaningful way to contribute to the community and prepare for my family’s future. If you’re retired or planning to retire and wondering what’s next, consider that running a business could be a rewarding next chapter.
